Both Tide and Clearbank have applied for grants from the Banking Competition Remedies Fund.
The FinTechs have collaborated to ask for two sets of funding worth £25mn and £35mn.
This is from the Capability and Innovation fund of RBS’ bailout package.
They have applied for the funding to support SMEs through Covid-19.
What does this mean?
Tide and Clearbank will use the funding to support SMEs through finance and products, helping them thrive in a post-Covid and post-Brexit world. Clearbank’s payment infrastructure and Tide’s digital banking platform should provide an alternative to high street lenders for smaller businesses.